Altcoin Season Index Hits 28 Amid Ongoing Bitcoin Dominance

The Altcoin Season Index, a widely followed gauge of market sentiment, rose two points to 28 on Wednesday. This minor move comes as Bitcoin continues to dominate the cryptocurrency market.

The index is calculated by CoinMarketCap, which compares the price performance of Bitcoin with that of the top 100 cryptocurrencies by market capitalization, excluding stablecoins and wrapped tokens. An altcoin season is declared when 75% of these top 100 coins outperform Bitcoin over a 90-day period.

The current reading of 28 indicates that the market remains firmly in Bitcoin-dominated territory. Only a minority of altcoins have managed to surpass Bitcoin's performance in the past three months, reflecting a broader trend of risk aversion or preference for the largest digital asset.